Russia, Venezuela Sign Oil Agreements Before Joint Military Exercise

In the first visit by a Russian president to Venezuela, Russian President Dmitry Medvedev and Venezuelan President Hugo Chavez agreed to build joint ventures to extract crude oil and to increased military and nuclear cooperation between the two countries.

Chavez and Medvedev took a tour of a Russian atomic-powered navy cruiser, which is among four vessels visiting Venezuela. The russian and Venezuealan navies are scheduled to conduct joint maneuvers in the Caribbean Sea at the start of December.

“We’re developing full-fledged relations in the arms sphere,” Medvedev told reporters in Caracas late yesterday. “These ties aren’t directed against any other country. They are based on partnership and a pragmatic understanding of the situation in the world.”

Chavez praised Russia’s “resurgence” and called for an end to U.S. global economic hegemony during a ceremony at the presidential palace in Caracas.

“Russia is back on its feet and playing an important role,” Chavez said. “I’m committed to continue to work together like this.”

Venezuela is the fourth-biggest supplier of foreign crude oil to the United States. It increasingly relies on investment from countries like Russia, China and Iran to boost oil output.